Which resets first, CPSP or PBAP?

CPSP ends its outcome period on Mar 31, 2027 and PBAP on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSP or PBAP?

CPSP charges 0.69% a year and PBAP charges 0.50%, so PBAP is cheaper. Fees come from each fund's prospectus.

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CPSP vs PBAP: Cap, Buffer & Days Left

As of Oct 13, 2026 PBAP can fall 8.1% before its buffer engages and CPSP 3.8%. Net assets: $24m on Oct 12, 2026 for Calamos S&P 500 ® Structured Alt Protection ETF - April, and $38m on Oct 13, 2026 for PGIM S&P 500 Buffer 20 ETF - April .

PBAP costs 0.19 points a year less; their one-year returns differ by 6.1 points; PBAP is 1.6 times larger.

Points (pts) are percentage points.

CPSP vs PBAP: Cap, Buffer & Days Left
	CPSP	PBAP
Expense ratio	0.69%	0.50%
Net assets, as of Oct 12, 2026	$24m	$38m
Total return, 1 year	+6.3%	+12.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	15.8%	16.3%

CPSPAt its cap

CPSP: reference +18.8% since period start, fund +3.6%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

PBAPAt its cap

PBAP: reference +19.5% since period start, fund +8.2%; buffer 0 to −20; cap +12.6%; At its cap. Figures to Oct 13, 2026.

These are two different products. CPSP is a floor fund, which caps how far a holder can fall. PBAP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

CPSP resets first, on Mar 31, 2027, 169 days from now; PBAP runs to Mar 31, 2027, 169 days. A fall from here reaches CPSP’s buffer after 3.8% and PBAP’s after 8.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSP vs PBAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSP	PBAP	CPSP	PBAP
3 months	+1.4%	+2.4%	−2.5 pts	−1.4 pts
6 months	+2.8%	+5.6%	−10.7 pts	−7.8 pts
1 year	+6.3%	+12.4%	−12.8 pts	−6.7 pts
Since launch Not the same days: CPSP Apr 2025 · PBAP Apr 2024	+10.6%	+27.2%	−28.1 pts	−21.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

CPSP

Calamos S&P 500 ® Structured Alt Protection ETF - April · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Mar 31, 2027

PBAP

PGIM S&P 500 Buffer 20 ETF - April · Absorbs the first 20% of loss on SPY and caps the gain at 12.6%, over a period ending Mar 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Apr 1, 2026 to Mar 31, 2027 Apr 1, 2026 to Mar 31, 2027

Days left 169 169

Starting cap +6.7% +12.6%

Can still gain not published 3.5%

Fall before buffer 3.8% 8.1%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +18.8% +19.5%

Fund return this period +3.6% +8.2%

State today At cap At cap

Expense ratio 0.69% 0.50%

Net assets, CPSP as of Oct 12, 2026 and PBAP as of Oct 13, 2026 $24m $38m

As of Oct 13, 2026. Source: ETFIQ.

About CPSP

SPY had already risen past this fund's cap of +6.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.8% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About PBAP

SPY had already risen past this fund's cap of +12.6% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.5% as the period runs out. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, CPSP or PBAP?: CPSP ends its outcome period on Mar 31, 2027 and PBAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSP or PBAP?: CPSP charges 0.69% a year and PBAP charges 0.50%, so PBAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSP vs PBMY CPSP vs DDTY CPSP vs MAYP CPSP vs MAYU PBAP vs TAPR PBAP vs FLAO PBAP vs PMAP PBAP vs DDTA

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSP on its own →PBAP on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSP filings on SEC EDGAR ↗CPSP prospectus with the expense ratio (SEC) ↗Calamos website ↗PBAP filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSP against PBAP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsp-vs-pbap

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.